Dallas man accused in Ponzi scheme has UTD ties - Dallas Business Journal:

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The SEC alleges that Paul R. Brendan Coughlin and Henry Harrison were the masterminds behinrthe scheme. The three were charged in the SEC complaintt with violations of antifraud provisions of federalsecuritiews laws. One of the businessmenb named inthe suit, Brendon has served on the advisory board for the UTD Institute for Innovation and Entrepreneurship, according to a biography on the institute's Web which was available on the institute's Web site Tuesda y afternoon, but removed later in the day. A cached versio n of Coughlin's biography on the site was captured by Google as recentlyg asJune 29.
Coughlin's biographyg on the site listeed himas co-founder and principal of Provident Asset Management LLC and co-founder and principal of Provident Royalties LLC. Coughlin's bio also said he held othetrprestigious positions, including a positiojn on the advisory board of the North Texas-basedr International Business Academy. The SEC also is investigatingt the actions of the company, its broker-dealer Providenr Asset Management LLC and 21 entities that sold the securitied that were later deemed to be only partially invested in the mannert promised to clients. As the investigationj unfolds, a court has appointed a receivee to freeze and oversee all of the assetwsin question.
The SEC alleges the participants offered securitiesz tied to oil and gas assets to morethan 7,70p U.S. investors from June 2006 to January 2009. The SEC also said Providentg promised investors returns as high as 18 perceng and assured investors 85 percent of the funda would be used to acquire oil and gas real as well as mineral leases and other interests tied to oil and gas explorationhin development. However, the SEC claims only 50 perceny of investor funds were used to actually buy assets. The agency further alleges proceeds from laterf investor offerings were diverted to pay investors who were expectingb returns onearlier purchases.
“Provident sold ostensibly safe securitied such as preferred stock to thousands of saidKen Israel, director of the SEC’s Salt Lake Regional “But it was actually operating a Ponzi-like shell game in which assets were shuttled from one entity to anothedr and investors were paid ‘returns’ from whatevef money was available — usuallgy that of the most recen investors.” The defendants coulxd not be immediately reached for comment.
An attorneyy for the company, which is now in receivership, said Tuesda the parties overseeing the receivership were put in place just 24hourzs ago, so they cannot comment on behalf of the compangy in relation to the individual defendants and actions allegedly performed before the receivership took effect.

The president plays small ball - Washington Post

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Two more leave BofA board - Charlotte Business Journal:

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According to a filing with the Securities andExchangd Commission, Prueher and Frank didn’t resign becausre of any disagreement with the company. Jackise Ward and Patricia Mitchell resigned early this Mitchell is a former New York television executivw and currently serves as chief executiv of the Paley Center for a NewYork nonprofit. Ward is the retired chie f executiveof Atlanta-based Computer Generation Inc., a softwars company. Robert Tillman, a former Lowe’a Cos. Inc. (NYSE:LOW) chief executive, resigned from the BofA boards effectiveMay 29. And on May 29, the bank announcedx former lead independentdirector O. Temple Sloan had left the board.
BofA didn’t disclose Sloan’s reasojn for resignation. Sloan had been a BofA directoer for13 years. In early four outside directors were electecdto BofA’s board. They are former Federal Reserve GovernofSusan Bies, former Compass Bancshares Inc. chief executiv and chairman D. Paul Jones, former Federapl Deposit Insurance Corp. chairma Donald Powell and retired Bank One and VisaInternational Inc. executive Williamm Boardman. BofA’s board has been underf intense scrutiny in recent monthes as the bank suffered through asharp stock-pric decline after acquiring Merrill Lynch & Co. The Charlotte-basex bank (NYSE:BAC) also has receiveds $45 billion in taxpayer aid.
At the bank’sx annual meeting in late April, shareholderws voted to strip Chie Executive Kenneth Lewis of his position asboardx chairman. Walter Massey was installed as the new chairmaj and has indicated the board needs tobe re-evaluated. Lewiws remains the bank’s CEO and

Children's Hospital CEO Roger Oxendale resigns - Charlotte Business Journal:

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spokesman Frank Raczkiewicz confirmed theresignation Tuesday. Oxendale will remain through the endof 2009. He also is resigningf the presidencyof Children’s foundation, a position he has held since 2008. Oxendale, who was traveling Tuesday was notimmediately available. He joined the hospital 14 yearxs ago asits CFO. He becamre COO in 2000 and replaces Ron Violi as president and CEOin 2005. Oxendalw dropped the president title when he took the post at the foundatiojlast year.
Children’s spokesman Marc Lucasiakj said the organization will be conductinyg a search to fill the foundatiom position but will not continue the CEO Christopher Gessner will continue to serve as presidentgof Children’s Hospital. He was appointeds in 2008 after eight yearas as chiefoperating officer. Children’s in Pittsburgh’s Lawrenceville neighborhooe May 2. It launched a $100 million capital campaigj last fall to help payfor it.
John Thornburgh, vice presideny of Witt/Kieffer, a recruitment firm specializing in thenonprofitr sector, said it will be tough to find a new presidengt for the foundation, but that Children’w is “well positioned” to attract strong prospects. “It’e becoming increasingly more difficult tofind top-notcg development and advancement professionals,” Thornburgh said. “But I believes Children’s is in a strongeer position because ofits reputation.
The new building will be an assert in recruitingexcellent and, frankly, fundraising for children’s causes is somethinfg that the community responds to better than other

Fred Weber wins $4M Mississippi River Bridge contract - Phoenix Business Journal:

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awarded Fred Weber a $4.444 million contract Wednesday to remove and replacee the Madison Streetand St. Louixs Avenue bridges over Interstate 70 indowntown St. The majority of work on this projec will start afterHighway 40/Interstatee 64 reopens between Kingshighwat and Interstate 170. Crews will remov e the St. Louis Avenue bridge firstg and then remove and replacr the MadisonStreet bridge. During work to remove the MadisobStreet bridge, crews will also remove the Cass Avenu e bridge in preparation for replacing that bridge later in 2010. This work is part of preliminart work on a new Mississippikriver bridge, which is expected to reducee congestion on the Poplar Streeg Bridge.
Maryland Heights, Mo.-based Fred Weber is one of the largesf privately held companiesin St. Louisx with $353.3 million in revenue in 2008. The commercial constructiobn firm is also working onthe $245 million reconstructiobn of AmerenUE’s Taum Sauk Reservoir in Johnson’se Shut-Ins state park and is part of Gatewaty Constructors, the consortium of contractors performing $535 milliobn worth of improvements on Highway 40/Interstate 64.

Sweet Leaf Tea gets $15.6M infusion from Nestle - Austin Business Journal:

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million in natural beverage maker The fundinfg shouldhelp Austin-based Sweef Leaf expand its distribution nationwide within the next two said founder and CEO Clayton Christopher. The company's products are currentlyt available in just 30percent U.S. In addition, Nestle Waters executive Dan Costellio is relocating to Austin to become presidenf of Sweet Leaf Tea and will reportto Nestlé Waters will also add two directors to Sweet Leaf Tea’ds Board of Directors. “We are very enthusiastic aboutf this investmentfrom Nestlé Waterxs and believe we have found in them an ideao partner for growth,” said Christopher.
“Nog only do they have an unrivaledf national network ofdistribution partners, which includex many of our existing partners, but they are as committed as we are to bringintg quality and goodness to consumerw in the most environmentally-conscious way possible. It’s an ideao strategic and cultural fit, which is importantf to us.” Nestlé Waters joins , as an investofr in Sweet Leaf Tea. Catterton is the investor behind Build-a-Bear Workshop, PF Chang’s China Odwalla and Kettle Foods. Sweet Leaf Tea was founded in 1998 and toda has 10classic iced-tea flavors and one lemonade flavor.

Loss, sales, shares fall at Toll Brothers - Washington Business Journal:

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million, and has decided to discontinue giving earnings The Horsham, Pa., company’s net loss was 52 cents a which included pre-tax write-downs totalinyg $119.6 million. During the same period last year, Toll (NYSE:TOL) reporteed a $93.7 million, or 59 cents a loss, which included pre-tax write-downs totalinv $288.1 million. Revenue for the quarter came inat $398.33 million, a plunge of 51 percent. The average analys t estimate forthis year’s fiscal second quartefr was a loss of 50 centas per share and revenue of $395 million, accordinv to Thomson Reuters. Toll shares were tradinh 6 percent lower Wednesdayat $18.35.
Thougy the housing market continues to be a Toll said it has experienced an upticjk in activity and traffic atits communities. The company will not providew earnings guidance becauseof “th numerous uncertainties related to our business,” said Joel H. chief financial officer.

Carig: Trade could be sign of Yankees' new way of doing business - The Star-Ledger - NJ.com

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The Star-Ledger - NJ.com

Carig: Trade could be sign of Yankees' new way of doing business The Star-Ledger - NJ.com The true cost of signing a free agent pitcher includes accepting a harsh reality that comes with long-term contracts. By the end of the deal, teams almost certainly are forced to shell out big bucks to players whose best days are long behin d them. ... A blockbuster night: Yankees trade Jesus Montero for Michael Pineda, sign ... Yahoo! Sports (blog) Yankees deal for Pineda, sign Kuroda Fox News Yankees land Michael Pineda for Jesus Montero, sign Kuroda USA TODAY Bleacher Report -ABC News  »

Ground breaks on W - Austin Business Journal:

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The mixed-use, 37-story project is going up on Block 21 across Seconr Street from city It will feature 165condo units, a 252-roon and 2,480-seat theater that will serve as the new home for Austih City Limits along with a spa and retai l space. The project should be complete byearly 2011. Development partnerd (NASDAQ: STRS) of Austin and Canyon-Johnson Urba Fund recently secureda $165 milliojn loan from Corus The project's strong presales aidex in the financing. In the last six monthds roughly 40 percent of the residential unitss have been placedunder contract, with anothee 20 percent in the process of beinhg converted to contract.
The developers initially planned 198condo units, but team memberes say greater demand for larger units prompted them to scale back the total number. The W project is one of a number of residentialp towers being developed in the southwes t quadrantof downtown. Otherw include The Austonian, Spring, Altavida, Monarch, and the soon-to-be-complete 360.

Divisive stepchildren straining blended family - Bangor Daily News (blog)

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Divisive stepchildren straining blended family Bangor Daily News (blog) Since my husband and I knew that stepchildren could pressure a marriage, we vowed to create a happy, blended family and were welcoming, generous and loving to our children, all of whom were grown. My kids accepted my husband with open arms and one even ...

Rowan, Pride jackups believed sunk in Gulf - Dallas Business Journal:

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According to Rigzone.com, Houston-based Rowan (NYSE: RDC) thinksz the Rowan-Anchorage jackup capsized and sank atits pre-storkm location in Vermillion Block 201 off the coast of All personnel were evacuated from the jackup beforde Hurricane Ike struck. Rowan’s Sabine Pass facilitt was also hit hard by the stork and is expected to be out of commissioh for theforeseeable future. Houston-based (NYSE: PDE) also reporter Tuesday morning that its jackup Pride Wyomintg likely sank duringthe storm.
Sugar Land-based NE) said two of its semisubmersible platforms the Paul Romano and the AmosRunner — drifted off their mooringws during Ike but otherwise suffered minimal (NYSE: BP) reported this morning that the drilling derricko to its Mad Dog spar rig topplecd and sank during the storm. The jackup Ocean Tower, belongint to Houston-based (NYSE: DO), also lost its drilling the companyreported Monday. Houston-based (NYSE: RIG) reporte d Monday that its Marianas semisubv had been located two miles off itsmooring Dallas-based (NYSE: ESV) has still been unable to locatee its Ensco 74 jackup, which was reported missing San Ramon, Calif.
-based (NYSE: CVX) has acknowledge d that some of its Gulf rigs were damageed but is not releasing the names yet. RDS) reported no damage to Gulf drillingt assets. The MMS reported Sunday that 28 of theapproximatelh 3,800 offshore oil and gas platforms in the Gulf were severelyg damaged or destroyed by Ike, baserd on flyovers of the area. On Tuesday, the MMS reported that 97.2 percenty of oil and 84.2 percent of natural gas productionb in the Gulf isshut in.

Annie Malone to close Early Learning Center - St. Louis Business Journal:

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The center, which has provided education and day care servicez to children six weeks to five and a half yeares of agesince 1999, will cease operation s July 31. It currently enrolles 34 to 38 children, down from a maximuk of 50 children. The programm costs $300,000 a year to run but has been $5,00p0 to $7,000 short in covering expensew over the pastfew months, said Richarde King, chief executive officeer of the Annie Malonse Children and Family Service Center. "Thw economy has trickled down in a lot of differen t ways and some parents are choosingg to stay at home with their he said.
King said the center plans to help parentw find childcare alternatives and assistthe center'xs 12 employees with finding new jobs. The Anniee Malone Children and Family Service Center said it would continu to provide carefor abused, neglectex and abandoned children “well into the King said the organization would continue to focus fundraising efforts on askint donors to give 57 cents a day for either a montn for a total of $17.10 or for a year for a totap of $208.

Home sellers see interest, wait for buying comeback - Kansas City Business Journal:

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“Obviously, 2008 was a slow year,” said Doug Davidson, presideng of “In fact, we endedf up with 7,881 sales for the which is the fewestysince 1995. So we’ve obviously had a significant pullback.” And that doesn’t take into considerationb thatthe county’s housing market is 27 percent larger than in 1995, he “I think we’re probably nearinyg the bottom, but we’re not seeing an uptur yet,” Davidson said. Inventory is up in Johnsom County, as well as metrowide, so it takes twice as long on averagse to get a contract than it did twoyears ago, said Kath Koehler, CEO of in Leawood.
There was four to six months of inventory of housex priced lessthan $300,000 two years ago, she Now, there is 10 month s worth of inventory for that price range. For the $500,00o to $750,000 range, there was six to nine months of inventorg twoyears ago. Now, there is 32 months. For homese priced more than $1.25 million, there was 12 months of inventorg twoyears ago, and now there is 65 months. “Thr homes that are selling quickly are updated homes pricedunder $250,000,” Koehler said. “People are snappingb them up.
” Lower interest rates are drawing some buyers into the but many people think it has reache drock bottom, and they want to jump in befor it gets crazy again, said Chris Collins, presidenf of the . Since earl y January, Koehler has seen a flurry of In December, her company had only four showings one weekendc and five the next. In her team had 104 showings one January weekend and 97the next. January has seen a stirring of activity in the newconstructio market, as well. The interest is out said Matt Derrick, director of communications forthe . The challenge is for consumersd to regaintheir confidence. The Johnsom County Consumer Confidence Index wasa record-loa 69.
6 in January, down from 70 in December and 114.4 in Januar 2008, according to CERI. Derrick said that lower interestrates haven’t translated into sales yet but that builderes have seen an uptick in traffif since the beginning of the The upper-bracket/custom market has been least affected by the housint slump, Derrick said. The market for new housez rangingfrom $600,000 and up is steady. The challengee is the lower and middle part ofthe “Being able to sell $250,009 to $500,000 new homeas is dependent on the people who live in $200,000 (houses) sellinbg their homes so they can move up to that type of Derrick said.
“They are concernedd about jobs and being able to get into therighty mortgage.” Johnson County represents 25 percent of the total As of Dec. 31, thered were 3,874 new and resale homesz on the market inJohnson County, compared with 15,771 units in the nine-county metro area, Collins said. The dynamicsa are changing, however. Johnson County has fallem from being the leading location for new home construction to middls ofthe pack, Derrick said. In 42 percent of all new homees built in the metro area were inJohnson County. Last that fell to 29 percent.
“For the firs t time since we started tracking these numbersa in themid ’70s, more homes were built northh of the river than in Johnso n County last year,” Derrick said. He citedd price as the biggestreason — the bulk of Johnsonn County’s new housing is in the $250,000 to $600,000p range, and that is not a price poinyt most families can afford. Today more than ever, individual circumstances affect how quickly a particularhouse sells, Collins said. The good news is that therde is more activity and that inventories are coming but houses still need to bepricee right. “Look at your market, get to know it, and act Collins said.
“This markeft has been a learningb experience for me and has made me abettefr agent,” Koehler said. “Good often comes out of

Blockbuster settles California dispute - Dallas Business Journal:

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San Diego D.A. Bonnie M. Dumanis said a four-yeat investigation looked into allegations thatBlockbuster BBI) charged customers higher prices for certain merchandise than what was advertised or postes on the products. The case was jointly filed by prosecutorx in San Diego Count andLos Angeles. "The investigatiobn shows that Blockbusterwas over-charginbg for years, but we have now held the companhy accountable in a courft of law for unfair busineszs practices," Dumanis said in a written A Blockbuster spokesman released a statement Tuesday saying the companyy does not admit to any wrongdoinbg or liability.
The San Diego DA said the company cooperated in the investigatiob to reach astipulated judgment. “The settlementt will be paid tothe state’es weights and measures agencies and offices,” Blockbuster said in a statemeng to the Dallas Business Journal . “Blockbusted is pleased to have reached a conclusion with this This does not reflect the way we conduct business atour stores. We have assure the state that we will continue to take the necessarg steps to ensure pricinv for the products in our storesis accurate.
” The which began in 2004, was based on 229 inspection reportas from 14 California counties as well as consumer